Closing Bell: KSE – 100 slightly up as it gains 94 points; up by 0.22%

The KSE-100 index closed Wednesday’s session slightly higher than Tuesday amidst high volatility. . Investors showed their increasing interest in Financials and Industrials resulting in heavy volumes for the sectors, relative to that of yesterday’s volumes.

PSO +1.52%, ATRL -0.61%, TRG +0.52%, PAEL +0.28% and DGKC +0.57% remained investor favorites. Among top ten volumes traded during the session; BAFL +1.71% traded 8.27mn shares while PAEL +0.28% was following 2 steps behind, trading 8.04mn shares.

Market participation for the KSE-100 Index increased to 105.6 million shares, up by 11.0% from yesterday’s value.

Oil prices held their own as Iraq announced its willingness to cooperate with OEPC members if the cartel decides to extend or even deepen the cuts beyond March next year. Industry analysts, however anticipate that no respite is in sight with respect to oil prices as US continues to fuel the glut with increased Shale productions from its rigs.

On the local front, Pakistan’s oil inventories are expected to run out in next 10 days as OMC’s continue to show disregard for consumers and save inventory costs. Pakistan State Oil, the state owned oil marketing company informed the authorities that it is importing the gasoline in full swing, saying that discharging of motor gasoline has commenced from vessel, carrying 60,000 metric tons, while another vessel is to reach at Karachi Port on Thursday will bring stocks amounting to 55,000 metric tons. Moreover, another vessel carrying crude oil amounting to 70,000 metric tons has been engaged at other berth.

In other news, Pakistani Prime Minister attended UN General Assembly session today, and met Turkish Prime Minister, Iranian Prime Minister and US Vice President Mr. Mike Pence on the sidelines and held discussions on regional peace, economic connectivity and Trade Agreements. Iranian President Rouhani suggested that Iran is ready to fulfill Pakistan’s energy shortages via an intra country partnership and is willing to invest in Pakistan. Furthermore, Turkish PM Erdogan in his meeting with PM Shahid Khaqqan Abbasi discussed matters pertinent to regional peace and the plight of Muslims after the Rohingya migrations.

US Vice President, Mike Pence suggested that US wishes to continue cooperating with Pakistan in the matters of regional peace and stability in Afghanistan. Pakistan also informed the VP Pence regarding Pakistan’s reservation on changing US rhetoric in the region and their impact on the stability of Pakistan and her neighbors.

In Corporate news, Pakistan Services Ltd. (PSEL), Karam Ceramics Ltd. (KCL), Globe Textile Mills (GLOT), Fauji Cement Co. Ltd. (FCCL), Ghandhara Nissan Ltd. (GHNL), Nimir Resins Ltd. (NRSL), Kohinoor Energy Ltd. (KOHE), Golden Arrow Selected Stock Fund (GASF) and Ghandhara Industries Ltd. (GHNI) announced financial results for the nine and twelve months period ended June, 30 2017.

Karam Ceramics Ltd. (KCL) reported a decrease of 28.04 percent in Net Sales and suffered losses during the period. Whereas, Nimir Resins Ltd. (NRSL) reported an increase of 50.10 percent in Sales whereas the Profit for the company’s profits after the increased by 40.04 percent.

Fauji Cement Co. Ltd. FY17 also released financial results today, company reported Net Earnings of Rs. 1.89 per share higher than industry expectations, an increase of 1.89 percent in Net Turnover and a decrease of 51.31 in Profit after Tax owing to an increase of 47 percent in Cost of Sales.

KSE-100 Index at the day gained a total of 93.77 points up by 0.22%, closing at 43347.03 points. Index Volume was 105.63 million shares, value of shares traded was PKR 10.05 billion with index low-high range of 43145.83 – 43435.92.

194 companies closed up, whereas 159 were down at the day end.